28 Oct 2017 Social Security Changes Announced
|The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will increase slightly in 2017. This increase is based upon the Consumer Price Index over the past 12 months ending in September 2016. On the other hand, the potential maximum payment to Social Security goes up a whopping 7.3%. A recap of the key amounts is outlined here:
2017 Key Social Security Benefits
What does it mean for you?
Social Security & Medicare Rates
After temporary payroll tax rate cuts that ended in 2012, the rates do not change from 2016 to 2017.
Note: The above tax rates are a combination of 6.20% Social Security and 1.45% for Medicare. There is also a Medicare .9% wages surtax for those with wages above $200,000 single ($250,000 joint filers) that is not reflected in these figures. Please recall that your employer also pays Social Security and Medicare taxes on your behalf. These figures are reflected in the self-employed tax rates, as self-employed individuals pay both halves of the tax.